Wealthstream Advisors Inc. Makes New $388,000 Investment in Bank of America Corporation $BAC

Wealthstream Advisors Inc. purchased a new position in Bank of America Corporation (NYSE:BAC) during the second quarter, Holdings Channel reports. The fund purchased 8,194 shares of the financial services provider’s stock, valued at approximately $388,000.

Other large investors have also bought and sold shares of the company. Boston Common Asset Management LLC increased its stake in Bank of America by 10.5% in the 2nd quarter. Boston Common Asset Management LLC now owns 259,680 shares of the financial services provider’s stock worth $12,288,000 after purchasing an additional 24,740 shares during the period. Nicholas Hoffman & Company LLC. increased its stake in Bank of America by 121.0% in the 1st quarter. Nicholas Hoffman & Company LLC. now owns 62,041 shares of the financial services provider’s stock worth $2,589,000 after purchasing an additional 33,963 shares during the period. Sunbeam Capital Management LLC increased its stake in Bank of America by 7.3% in the 2nd quarter. Sunbeam Capital Management LLC now owns 6,476 shares of the financial services provider’s stock worth $306,000 after purchasing an additional 439 shares during the period. CCG Wealth Management LLC purchased a new position in Bank of America in the 2nd quarter worth approximately $287,000. Finally, Community Financial Services Group LLC increased its stake in shares of Bank of America by 3.5% during the second quarter. Community Financial Services Group LLC now owns 169,057 shares of the financial services provider’s stock valued at $8,000,000 after buying an additional 5,787 shares during the period. 70.71% of the stock is owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC stock opened at $51.28 on Friday. The stock has a market cap of $379.83 billion, a price-to-earnings ratio of 13.97, a PEG ratio of 1.96 and a beta of 1.33. The business’s fifty day moving average is $50.11 and its 200 day moving average is $45.82. Bank of America Corporation has a twelve month low of $33.06 and a twelve month high of $52.88. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 1.12.

Bank of America (NYSE:BAC) last issued its quarterly earnings results on Wednesday, October 15th. The financial services provider reported $1.06 earnings per share for the quarter, topping the consensus estimate of $0.93 by $0.13. The company had revenue of $28.09 billion for the quarter, compared to analysts’ expectations of $27.05 billion. Bank of America had a return on equity of 10.76% and a net margin of 15.70%.The firm’s revenue for the quarter was up 10.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.81 earnings per share. Research analysts expect that Bank of America Corporation will post 3.7 EPS for the current fiscal year.

Bank of America announced that its board has approved a stock buyback program on Wednesday, July 23rd that authorizes the company to repurchase $40.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to repurchase up to 11.1% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Bank of America Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Friday, September 5th were issued a $0.28 dividend. This represents a $1.12 annualized dividend and a yield of 2.2%. This is a positive change from Bank of America’s previous quarterly dividend of $0.26. The ex-dividend date of this dividend was Friday, September 5th. Bank of America’s dividend payout ratio is presently 30.52%.

Insider Buying and Selling

In other Bank of America news, insider James P. Demare sold 148,391 shares of the business’s stock in a transaction on Friday, August 1st. The stock was sold at an average price of $45.57, for a total value of $6,762,177.87. Following the sale, the insider directly owned 223,407 shares of the company’s stock, valued at approximately $10,180,656.99. The trade was a 39.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.30% of the company’s stock.

Wall Street Analysts Forecast Growth

BAC has been the topic of several research analyst reports. Daiwa Capital Markets boosted their target price on Bank of America from $54.00 to $58.00 and gave the company an “outperform” rating in a research note on Wednesday, October 8th. Citigroup boosted their target price on Bank of America from $58.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday. Keefe, Bruyette & Woods reissued an “outperform” rating and set a $58.00 target price (up from $57.00) on shares of Bank of America in a research note on Thursday. Seaport Global Securities boosted their target price on Bank of America from $59.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 6th. Finally, TD Cowen boosted their target price on Bank of America from $59.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday. Twenty-one investment analysts have rated the stock with a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.29.

About Bank of America

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.